NIFTY AND BANK NIFTY ANALYSIS FOR 08 FEB 2023

07 Feb 2023 2130 Hrs
1. US markets are consolidating with a negative bias ahead of fed meet.
2. Europe is bullish. Asia is looking bearish.
3. India VIX is 14 indicating bullishness.
4. Nifty has closed below 17750. Bank nifty has closed below 41500.
5. Nifty has highest Call OI 18000 followed by 17800 and 17700.
6. Bank Nifty has highest Call OI @ 41500 followed by 42000.
7. HDFC Bank has closed below 1654. ICICI bank is at 852 and looks choppy again today.
8. Reliance has defended 2300.
Analysis
1. Bank Nifty has remained range bound between 41600 to 41100.
2. Nifty is trading between 17800 to 17700.
2. HDFC Bank is looking bullish where as ICICI Bank is looking choppy.
3. Reliance is looking weak.
Trading Plan.
1. Tomorrow is RBI rate decision. Consensus is that there will be 25 bps increase to 6.5 %.
2. Market may go either way if there is a change in stance of RBI to either bearish or bullish.
3. Any move above 17750 can be a buying opportunity .
4. In Bank Nifty long trade can be taken if Bank Nifty sustain above 41300 -41400, i shall go long.
Tgt 41830. Bank Nifty can be traded short below 41300.
5. Nifty can be traded long above 17750. Any break below 17650 can take nifty to 17500.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION TO ENHANCE YOUR DECISION MAKING.